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The emerging Shari'ah issues of the COVID-19 pandemic in contemporary Islamic financial applications

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dc.contributor.authorSaid Bouheraoua
dc.contributor.authorSa'id Adekunle Mikail
dc.contributor.authorFares Djafri
dc.date.accessioned2022-01-28T03:51:12Z
dc.date.available2022-01-28T03:51:12Z
dc.date.issued2021
dc.description.abstractThe outbreak of the coronavirus epidemic (COVID-19), classified by the World Health Organization as a pandemic, has led to the emergence of many challenges. It started as a health crisis and then turned into a global economic crisis that most countries could not manage or control as a result of lockdown policies and restrictions on movement and travel. This is not to mention the forms of damage that have affected the contractual obligations and rights of various contracting parties at the level of financial institutions such as banks, takaful companies and others. The challenges imposed by the coronavirus pandemic have led to a reexamination of the fiqh treatment of catastrophes. The role of Islamic economic experts and the Islamic financial industry has had to be clarified in addressing its effects on contractual relations and future obligations in distressed financing contracts. The theory of catastrophes (jawa'ih) is one of the most important jurisprudential theories in Islamic fiqh. It comprises a set of principles and provisions that deal with the harmful effects upon one of the parties bound by a contract as a result of damage to what the party is obliged to deliver, or failure to obtain the intended benefit from the obligation. It is based on achieving justice in the practical application of financial transaction contracts, removing difficulty, taking into account arising circumstances, and preventing abuse in the exercise of rights and the freedom to contract. It thus regulates the rights of people related to the exchange of properties and usufructs.en_US
dc.identifier.citationBouheraoua, S., Djafri, F., & Mikail, S. A. (2021). The emerging Shari'ah issues of the COVID-19 pandemic in contemporary Islamic financial applications. Kuala Lumpur, Malaysia: ISRA.en_US
dc.identifier.urihttps://ikr.inceif.org/handle/INCEIF/3519
dc.languageEnglish
dc.language.isoengen_US
dc.publisherInternational Shari'ah Research Academy for Islamic Finance (ISRA)en_US
dc.rights2021. International Shari'ah Research Academy for Islamic Finance (ISRA)
dc.sourceSEDONA
dc.subjectTheory of catastrophesen_US
dc.subjectCoronavirus pandemicen_US
dc.subjectTheory of emergency conditionsen_US
dc.subjectNon-performing fundsen_US
dc.subjectReschedulingen_US
dc.subjectConstruction and supply contractsen_US
dc.subjectFunds to be cleanseden_US
dc.titleThe emerging Shari'ah issues of the COVID-19 pandemic in contemporary Islamic financial applicationsen_US
dc.typeResearch Monographen_US
dlc.maintopicCOVID-19en_US
dspace.entity.typePublication
ikr.doctypeScholarly Works
ikr.topic.maintopicCOVID-19en_US
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